US Economy Facing Credit Card Crisis As Debt Soars
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US consumers are struggling with soaring credit card debt and rising interest rates. The number of Americans seeking counseling for credit card debt has increased, particularly among young adults in their 20s. Total household debt in the US has risen by over 24% since 2019, with credit card balances growing the fastest. Delinquent credit card balances have more than doubled in the past two years. Interest rates on credit cards have also increased, with the average American spending $1,140 per year on credit card interest and fees alone. The use of buy now, pay later programs has also contributed to the credit card crisis. While the US economy has avoided a recession, there are concerns that the soft landing could be rougher than expected.

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https://www.businessinsider.com/credit-card-debt-interest-rates-consolidation-economy-recession-soft-landing-2024-2